DAFZA achieves 16% net profit growth in 2016

Dubai / Emirates Business

The Dubai Airport Freezone Authority (DAFZA) performed strongly in 2016, achieving 16 percent net profit growth and posting a 2 percent growth in its total revenue and a 28 percent increase in its total assets and a 3% rise in Earnings Before Interest and Depreciation (EBID).
According to official reports, the total leasable area of multinational companies occupying the Freezone rose 44 percent, while total leased office space increased by 13 percent. The leased light industrial units grew as well by 25 percent, due mainly to growing confidence among international companies in DAFZA’s capabilities as well as the numerous business and investment opportunities available in Dubai.
DAFZA accounted for AED109.82 billion of Dubai’s non-oil foreign trade for 2015, representing 9 percent of the emirate’s total trade and 20 percent of total free zones trade for the same period.
HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DAFZA, said: “DAFZA continues to move forward in terms of leadership and excellence, driven by its strong operational performance and positive financial results which have proven once again that it is one of the world’s top free zones. The uninterrupted success of the Freezone affirms its exceptional ability to address challenges and maximize opportunities for supporting nationwide efforts to usher in a post-oil economy and turning Dubai into a major pillar of the global economy. We are inspired by the vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who taught us not be afraid of difficulties as we strive to become a world leader.”
He added: “DAFZA proved its instrumental role in enhancing the overall performance of Dubai’s free zones last year. It demonstrated the highest levels of competitiveness, excellence and efficiency in overcoming a challenging global economic climate. Supported by an integrated portfolio of effective economic and investment solutions, DAFZA drew in significant foreign direct foreign investments from vital sectors. The Freezone played an economic and strategic role in promoting the attractiveness of the local investment environment, which has further strengthened Dubai’s position as the top of global investment destinations. We are confident of even more promising prospects as we prepare to launch our Strategic Plan for 2017-2021 which will implement ambitious initiatives in line with the strategies and directives of the wise leadership of the UAE.”
For his part, Dr Mohammed Al Zarooni, Director General, Dubai Airport Freezone Authority, said: “DAFZA’s strong performance in 2016 was not surprising and adds to already numerous achievements that have propelled DAFZA among the ranks of the most innovative and competitive free zones in the world. Our series of successes affirms our outstanding competitiveness and our ability to overcome emerging challenges within the regional and international markets. We have further strengthened the UAE economy and helped increase Dubai’s GDP by capitalizing on investment prospects to build a strong, competitive and diversified economy which can achieve more prosperity in the future.”
Dr Al Zarooni concluded: “We are committed to providing an ideal business environment for attracting international companies and foreign capital as well as supporting economic diversification and promoting trade openness with the global markets. We shall achieve this by focusing on providing world-class infrastructure, unique investment incentives and innovative solutions in line with our vision of a ‘Freezone that goes beyond’ that supports the national and global economic systems. Our positive performance in 2016 drives us to further enhance the experiences of regional and international investors in Dubai and in DAFZA in particular in all vital sectors, taking advantage of our pivotal role in advancing economic diversification strategies and achieving the goal of Dubai Plan 2021 to make the emirate one of the most important business centers in the world.”